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10/1 a company sells inventory that cost $78,000. The retail price of the sale was $135,000. 80% of the sales were cash sales and 20%

10/1 a company sells inventory that cost $78,000. The retail price of the sale was $135,000. 80% of the sales were cash sales and 20% were sales on credit.

What is the journal entry for this and does it increase of decrease the liability, asset, and/or equity accounts?

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